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Nonfarm Payroll Employment Reverses Course

Washington’s
economy lost 8,700 jobs in February and the state’s seasonally adjusted monthly
unemployment rate for February was 4.5 percent according to the Employment
Security Department. The February unemployment rate was unchanged from the
revised January 2019 unemployment rate of 4.5 percent. The January figures are
preliminary and are subject to revisions.

“After
two strong months of payroll growth, February’s employment numbers are disappointing”
said Paul Turek, economist for the department. “The result was not mirrored in
the unemployment rate numbers, however, perhaps making it not as dire as it
seems.”

The Employment Security Department released the preliminary job estimates from the federal Bureau of Labor Statistics as part of its Monthly Employment Report.

The
department also announced that January’s previously reported unemployment rate
of 4.5 percent was confirmed. However, January’s preliminary estimated gain of
12,300 jobs was revised downward to 10,400 jobs.

The
national unemployment rate declined from 4.0 percent in January to 3.8 percent
in February. In February 2018, the national unemployment rate was 4.1 percent.

The
state’s labor force in February was 3,849,800 – an increase of 14,000 people
from the previous month. In the Seattle/Bellevue/Everett region, the labor
force increased by 5,400 over the same period.

From
February 2018 through February 2019, the state’s labor force grew by 90,900 and
the Seattle/Bellevue/Everett region increased by 31,200.

The
labor force is the total number of people, both employed and unemployed, over
the age of 16.

Washington
added an estimated 64,400 new jobs from February 2018 through February 2019,
not seasonally adjusted. The private sector grew by 2.6 percent, up an
estimated 70,700 jobs, while public sector employment decreased by 1.1 percent
with a net loss of 6,300 jobs.

From
February 2018 through February 2019, ten out of the thirteen major industries
added jobs, one contracted and two were unchanged.

The
three industry sectors with the largest employment gains year-over-year, not
seasonally adjusted, were: